Investment banking firm NM Rothschild & Sons said on Thursday that the fair value for shares in Brazilian hotel operator BHG SA Brazil Hospitality Group lies between 17.92 reais and 19.80 reais, near the price suggested by private-equity firm GP Investments Ltd in a buyout offer.
The Rothschild appraisal, which was published in a securities filing, comes as GP Investments offered a price of 19 reais per share on Aug. 8, representing a 36 percent premium to BHG’s closing price that day.
The GP Investments’ offer values BHG at 1.2 billion reais ($481 million). GP Capital Partners IV, a vehicle controlled by GP Investments, is the largest shareholder in BHG, which is Brazil’s largest listed hotel chain.
$1 = 2.4947 Brazilian reais Editing by Ken Wills